I have debts which i can not pay as i am out of work. My partner is not tied into these debts as they are from before we got together. She will loose her job if she is connected to me financially in anyway. Every one i have spoken to insists that i have to put down her details income etc. Is this true?
Hi and welcome. You will need to disclose your partners income for the sake of your IP being able to calculate your share of household expenses. Most IP's will calculate your payment into the IVA on your income alone (and using your pro rata share of expenses). If your partner refuses to disclose her income the IP will calculate on a 50 / 50 basis.
A few companies will use her money towards your IVA, as they will calculate the disposable income on a household basis. I personally don't agree with this, but that's the way some operate. So would be one of the first questions I would ask of any prospective IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
For anyone to help you properly they need to understand the whole picture however this does not mean that your partner's details have to be formally put into an arrangement, espeically if you can show these debts have nothing to do with her. Your partner can disassociate herself from you financially via the credit reference agencies id she is concerned about any consequences.
Once you have had a chat with a couple of companies you will understand what your options are, what is possible and what the implications are. Good companies always ofer the option to answer any questions any partner/spouse has as we all recognise it affects both of you.
Regards,
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Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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It is often necessary to declare your partner or spouse's earnings as these are used to determine what contribution to the household expenses they should make. However there is no need for your partner to be involved with your IVA in any way or indeed tied into your debts. The IVA is as it is called, individual and so if you start one your partner will not be affected. I suggest you speak to a good advisor and they will be able to help you with this.
John ...welcome to the forum ! I completely agree with the advice given so far....you need to speak to some practitioners who can advise you with your own set of circumstances which route is relevant and more beneficial to you.
As you are currently out of work, and IVA may not be appropriate, but there are other options that can be considered - good luck and let us know if you have any further questions !
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Hi James, that is how I always understood it to be ... however, some companies do take in the HOUSEHOLD income to calculate D.I. I can only assume that they consider the solvent spouse has benefitted in some way from the debts of the insolvent spouse (which very often isn't the case).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
